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The U.S. Treasury Department ("Treasury") Office of Foreign Assets Control designated two Singapore-based entities and one individual under Executive Order 13551 for having engaged in a variety of illicit economic activities in support of the Democratic People's Republic of Korea ( ...

The U.S. Treasury Department ("Treasury") Office of Foreign Assets Control ("OFAC") added several members of Venezuelan President Nicolas Maduro's inner circle and related entities to the Specially Designated Nationals and Blocked Persons List. OFAC also took action against ...

In its fourth report to the President, prepared pursuant to the February 2017 Executive Order 13772 establishing core principles for regulatory improvements, the U.S. Treasury Department ("Treasury") made a series of recommendations concerning nonbank financial institutions, FinTech and ...

The U.S. Treasury Department ("Treasury") Office of Foreign Assets Control ("OFAC") designated several Russian individuals and entities for working at the direction of or providing support to Russia's Federal Security Service (the "FSB"). OFAC previously ...

The Department of the Treasury Office of Foreign Assets Control ("OFAC") imposed sanctions against two Hizballah-associated individuals for their alleged role in financing terrorist networks. Mohammad Ibrahim Bazzi and Abdallah Safi-Al-Din have ties to the Central Bank of Iran, which OFAC ...

Republican and Democratic Senators from the Committee on Agriculture sent a letter to Treasury Secretary Steven Mnuchin urging the Committee on Foreign Investment in the United States ("CFIUS") to review a Brazil-based meat processing and distribution company's planned acquisition of ...

The U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") imposed new sanctions targeting the North Korean shipping and trading industry. The OFAC action involves the designation of 27 entities, 28 vessels and one individual. Pursuant to the action, U.S. persons ...

U.S. Treasury Secretary Steven T. Mnuchin proposed repeal of nearly 300 tax regulations. As detailed in a regulatory notice, proposed for repeal are (i) interpreting regulations on provisions of the tax code that have been repealed, (ii) interpreting regulations on provisions of the tax code that ...

The U.S. Department of the Treasury ("Treasury") released the new Treasury Strategic Plan outlining the long-term agency goals for the next five years. The strategic plan is published every four years. There are five strategic goals: (i) boosting U.S. economic growth, (ii) promoting ...

The U.S. Department of the Treasury ("Treasury") released a report listing senior Russian political figures and influential oligarchs. The report was prepared in accordance with the Countering America's Adversaries Through Sanctions Act ("CAATSA"). The Office of Foreign ...

The U.S. Department of the Treasury ("Treasury") reviewed the Financial Stability Oversight Council's ("FSOC") processes for non-bank financial company and financial market utility designations ("FMUs"). FSOC's memorandum included commentary and ...

The U.S. Treasury Department ("Treasury") published its third report pursuant to President Donald J. Trump's Executive Order 13772, establishing core principles for regulation of the financial system (see coverage of first and second reports). In the new report, Treasury evaluates ...

Finance ministers and central bank governors for the G-7 countries (Canada, France, Germany, Italy, Japan, the United Kingdom and the United States) published a report, titled G-7 Fundamental Elements for Effective Assessment of Cybersecurity in the Financial Sector (the "Report"). The ...

The U.S. Department of the Treasury Office of Foreign Assets Control ("OFAC") imposed new sanctions against Iran's Revolutionary Guard Corps ("IRGC"). The sanctions were imposed against the IRGC for their support of the IRGC-Qods Force, which Treasury Secretary Steven T. ...

The U.S. Treasury Department ("Treasury") released a second report pursuant to President Donald J. Trump's Executive Order establishing core principles for improving the financial system (see coverage of first report). The new report details plans to reduce burdens of capital markets ...

On October 4, 2017, the U.S. Department of the Treasury ("Treasury") released a report (the "report") recommending actions to reduce certain tax regulatory burdens. The report highlighted eight tax regulations identified in a prior interim report and issued pursuant to Executive ...

The U.S. Department of the Treasury Office of Foreign Assets Control ("OFAC") designated eight banks and twenty-six individuals linked to North Korean financial networks, and identified two additional banks as being part of the government of North Korea. As a result, any property or ...

On September 21, 2017, the White House issued an Executive Order imposing new economic sanctions against North Korea. According to the Trump Administration, the expanded sanctions are in response to the "provocative, destabilizing, and repressive actions and policies of the Government of North ...

Following a deal between President Donald J. Trump and Congressional Democrats, Congress passed H.R. 601 to provide disaster relief and to extend the debt ceiling for a period of three months (to end on December 8, 2017). President Trump signed the bill on September 8, 2017. In a letter dated July ...

The U.S. Department of the Treasury ("Treasury") Office of Foreign Assets Control ("OFAC") designated 16 Russian and Chinese entities and individuals for supporting North Korea's development of weapons of mass destruction ("WMD"), violations of U.N. Security ...

The White House released a joint statement (the "statement") with congressional Republican leadership expressing a "shared vision" for comprehensive tax reform. The group of Republican leaders consisted of House Speaker Paul Ryan (R-WI), Senate Majority Leader Mitch McConnell (R ...

New York Republican Congress members urged U.S. Treasury Department ("Treasury") Secretary Steven T. Mnuchin to reconsider a proposal to eliminate the federal deduction for state and local taxes ("SALT") (see Briefing on the tax plan, by Secretary Mnuchin and National Economic ...

In two executive memoranda, President Donald J. Trump directed the U.S. Department of the Treasury to review key elements of the Dodd-Frank post-crisis regulation. The memoranda authorizes the Treasury Secretary to review (i) the processes of the Financial Stability Oversight Council ("FSOC ...

In a letter to Treasury Secretary Steven Mnuchin, Republican Senators Michael Enzi, Ron Johnson, James Lankford, Mike Rounds, John Kennedy and Johnny Isakson urged the Treasury to stop the IRS from becoming a "conduit" for CFPB communications with the public. Among other concerns, the ...